A Comprehensive Guide to American Share Insurance

In the United States, the National Credit Union Administration (NCUA) is responsible for insuring credit union deposits through the National Credit Union Share Insurance Fund (NCUSIF). However, some states offer their own credit union insurance, known as American Share Insurance (ASI).

What is American Share Insurance?

Established in 1974, American Share Insurance (ASI) is a private share insurance company that provides deposit insurance coverage to credit unions located in 13 states across the US. ASI is regulated by state insurance departments and is not affiliated with the federal government.

While the NCUSIF provides insurance coverage up to $250,000 per account, ASI offers additional coverage up to $250,000 per account, giving credit union members in certain states up to $500,000 in insurance coverage per account.

Which Credit Unions are Covered by ASI?

ASI provides deposit insurance coverage to credit unions located in the following 13 states:

How Does ASI Insurance Work?

When a credit union is insured by ASI, it pays a premium to ASI based on the amount of deposits it has. In the event that the credit union fails, ASI is responsible for reimbursing credit union members for their deposits up to the insured amount.

It’s important to note that ASI is a private insurance company and is not backed by the full faith and credit of the US government like the NCUSIF. However, ASI is regulated by state insurance departments and must maintain sufficient reserves to ensure that it can meet its obligations to credit union members in the event of a failure.

Is ASI Insurance Safe?

While ASI is not backed by the federal government like the NCUSIF, it is still a regulated insurance company and must maintain sufficient reserves to ensure that it can meet its obligations to credit union members in the event of a failure.

ASI has a strong track record of stability and has never had to make a claim on its insurance coverage. Additionally, credit unions insured by ASI are required to undergo regular reviews to ensure that they are financially sound and able to meet their obligations to their members.

How Can I Tell if My Credit Union is Insured by ASI?

If you’re a member of a credit union located in one of the 13 states covered by ASI, your credit union should disclose that it is insured by ASI. Additionally, the ASI logo should be prominently displayed in the credit union’s lobby and on its website.

You can also verify whether your credit union is insured by ASI by visiting the ASI website and using their Credit Union Search tool.

Conclusion

American Share Insurance (ASI) is a private share insurance company that provides deposit insurance coverage to credit unions located in 13 states across the US. While it is not backed by the federal government like the NCUSIF, ASI has a strong track record of stability and has never had to make a claim on its insurance coverage. If you’re a member of a credit union located in a state covered by ASI, you can rest assured that your deposits are protected up to the insured amount.

Frequently Asked Questions

What is the insured amount for credit unions insured by ASI?

ASI offers insurance coverage up to $250,000 per account, in addition to the insurance coverage provided by the NCUSIF.

Which states are covered by ASI?

ASI provides deposit insurance coverage to credit unions located in Alabama, California, Florida, Georgia, Kentucky, Maryland, Minnesota, Missouri, New York, Oregon, Tennessee, Washington, and Wisconsin.

Is ASI insurance safe?

While ASI is not backed by the federal government like the NCUSIF, it is still a regulated insurance company and must maintain sufficient reserves to ensure that it can meet its obligations to credit union members in the event of a failure. Additionally, ASI has a strong track record of stability and has never had to make a claim on its insurance coverage.

How can I tell if my credit union is insured by ASI?

Your credit union should disclose that it is insured by ASI, and the ASI logo should be prominently displayed in the credit union’s lobby and on its website. You can also verify whether your credit union is insured by ASI by using the Credit Union Search tool on the ASI website.

Is ASI insurance coverage in addition to the coverage provided by the NCUSIF?

Yes, ASI offers insurance coverage up to $250,000 per account in addition to the insurance coverage provided by the NCUSIF.